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The Psychology of Risk: Mastering Market Uncertainty
Ari Kiev
ISBN: 978-0-471-40387-6
Hardcover
304 pages
April 2002

One of the financial world's most respected experts on the psychology of risk provides a revolutionary risk management model
Over the past three decades investors have adopted all varieties of complex quantitative systems for quantifying and managing risk. Yet, sophisticated investors and money managers continue to suffer record losses in today's increasingly volatile markets. This book bridges the gap between investor psychology and quantitative risk management with a revolutionary risk management program that virtually any trader or investor can easily adapt to their goals and personalities. Using numerous fascinating real-life case studies, Dr. Kiev illustrates the various psychological and emotional traps to which even the savviest investors can fall victim. He develops a dynamic new risk management model that combines quantitative models and money management techniques. He also provides rigorous guidelines that will help readers answer such crucial questions as: How much should I trade? How much risk can I handle? and When should I get out?

Introduction.

PART ONE: THE ESSENTIALS OF RISK TAKING.

Chapter One: Defining Risk.

Considering a New Approach.

Understanding the Psychology.

Identifying the Problems.

Chapter Two: Understanding the Approach.

Making the Commitment.

Setting a Target.

PART TWO: THE PROBLEMS OF RISK.

Chapter Three: Handling Your Emotions.

Defining the Life Principle.

Examining the Emotions of Trading.

Understanding the Stress Response.

Creating a New Life Principle.

Owning Your Responses.

Dealing with Anger.

Maintaining Your Concentration.

Chapter Four: Learning to Let Go.

Battling Perfectionism.

Overcoming Mental Accounting.

Combating Paralysis.

Learning to Become Flexible.

Hoarding Stub Ends.

Considering the Herd.

Releasing the Rationalizations.

Acting Now.

PART THREE: THE PERSONALITIES OF RISK.

Chapter Five: Profiling Passive Traders.

Cautious Traders.

Fearful Traders.

Insecure Traders.

Committing to a Result.

Choosing What You Have.

Discovering What Is Missing.

Chapter Six: Profiling the High-Risk Trader.

The Solutions.

Chapter Seven: Recognizing the Master Trader.

Defining the Master Trader.

Developing Mastery.

Assessing Your Progress.

PART FOUR: THE PRACTICE OF RISK TAKING.

Chapter Eight: Increasing Your Risk.

Understanding the Value of Statistics.

Using Specialized Techniques.

Chapter Nine: Handling Failure . . . and Success.

Recognizing a Breakdown.

Managing the Emotions of Breakdown.

Turning Breakdowns into Breakthroughs.

Recreating the Wins.

Remembering the Plan.

Chapter Ten: Doing the Work.

Discerning the Importance of Data Analysis.

Determining What Is Relevant.

Understanding the Business Model.

Paying Attention to the Catalysts.

Interpreting the Silent Data.

Using Technical Analysis.

Chapter Eleven: Coping with Risk: Coaching, Teamwork, Systems.

Consult a Coach.

Take Advantage of Teamwork.

See About a System.

Conclusion.

Index.